Oil Demand

Signs of an accelerating global economy, propelled by torrid growth in China, has led the International Energy Agency -- a watchdog for the world's biggest oil-importing countries, to boost estimates for crude oil demand for this year and 2004.  In its influential monthly oil market report, the IEA said Thursday that it has increased its forecast for average daily demand growth in 2003 by 170,000 barrels, arguing now that oil demand will grow this year by 1.28 million barrels a day. The Paris-based agency expects daily oil demand to average 78.6 million barrels in 2003.